Australian EconomyFeatured Article

Australian unemployment rises

David Llewellyn-Smith
Thursday, 14 November 2019
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Via the ABS:

OCTOBER KEY FIGURES
Sep 19
Oct 19
Sep 19 to Oct 19
Oct 18 to Oct 19
Trend
Employed people (‘000)
12,923.4
12,935.7
12.3
2.1%
Unemployed people (‘000)
720.6
722.4
1.8
6.4%
Unemployment rate (%)
5.3
5.3
0.0 pts
0.2 pts
Underemployment rate (%)
8.5
8.5
0.0 pts
0.2 pts
Participation rate (%)
66.1
66.1
0.0 pts
0.5 pts
Monthly hours worked in all jobs (‘000 000)
1,783.2
1,786.1
2.9
1.7%
Seasonally Adjusted
Employed people (‘000)
12,938.2
12,919.2
-19.0
2.0%
Unemployed people (‘000)
709.0
726.1
17.1
8.6%
Unemployment rate (%)
5.2
5.3
0.1 pts
0.3 pts
Underemployment rate (%)
8.3
8.5
0.2 pts
0.3 pts
Participation rate (%)
66.1
66.0
-0.1 pts
0.4 pts
Monthly hours worked in all jobs (‘000 000)
1,786.7
1,783.9
-2.8
1.4%

SEASONALLY ADJUSTED ESTIMATES

  • Employment decreased by 19,000 to 12,919,200 people. Full-time employment decreased by 10,300 to 8,833,800 people and part-time employment decreased by 8,700 to 4,085,400 people.
  • Unemployment increased by 17,100 to 726,100 people.
  • Unemployment rate increased by 0.1 pts to 5.3%.
  • Participation rate decreased by 0.1 pts to 66.0%.
  • Monthly hours worked in all jobs decreased by 2.8 million hours to 1,783.9 million hours.

Not pretty. Wages are toast. More to come.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.